Commonwealth Numbered Regulations

PETROLEUM RESOURCE RENT TAX ASSESSMENT REGULATION 2015 (SLI NO 254 OF 2015) - REG 49

             (1)  A participant in an integrated GTL operation that recovers petroleum from an onshore petroleum project may elect to apply the residual pricing method.

             (2)  An election under this section:

                     (a)  must be made in a form approved by the Commissioner; and

                     (b)  must be given to the Commissioner in the financial year before the production year for the operation; and

                     (c)  is irrevocable.